Fed raises interest rates for first time in 3 years, battling persistent inflation

By: Ashley Murray

Outlets: DC Bureau (States Newsroom)

Published: September 16, 2026

Words: 881

Last Updated: 1 day, 20 hours ago

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WASHINGTON — The Federal Reserve raised interest rates Wednesday for the first time in three years as inflation continues to dog the economy, largely driven by soaring gas and fuel oil prices while the war in Iran drags on.

The central bank’s Federal Open Market Committee voted 12-0 to increase its benchmark interest rate by a quarter of a percentage point, reaching the new range from 3.75% to 4% and making the cost of borrowing …

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